Great article on Horsesmouth today, Teaching Attorneys to Prospect for You (free registration required) about how to initiate discussions with attorneys about fiduciary responsibility and the new Prudent Investor standard—discussions that provide significant value to the attorney and can lead to very high-quality referrals.
The author, Helen Modly, is a CFP who has used these methods successfully in her own high-net-worth practice. She writes:
Realize that most attorneys are not versed in modern portfolio theory, nor would many be comfortable performing a "risk vs. return analysis" on any given portfolio, especially if they are personally liable for the validity of the analysis.... Many are not aware that very definite practice standards for investment fiduciaries have been developed and are gaining acceptance in the professional investment world.... While many attorneys are not anxious to give up the entire trustee fee they earn, many are more than willing to share the fee if it means they can delegate the lion's share of the personal liability by hiring an investment professional to manage the assets.
Modly goes on to offer a detailed plan for educating attorneys about this relatively new problem in their practices, and demonstrating how you can help solve it. Sign up for a free trial on Horsesmouth to access the article.
While you're at it, keep in mind that if you want to form referral relationships with attorneys, it's a good idea to learn something about their marketing issues, and how they think. Because your mantra with professional contacts should always be, "What can I do to help YOU?"
A good starting point is Tom Kane's Legal Marketing Blog. It's a total coincidence that he happens to have mentioned this blog there today. Really. I swear.) If lawyers as centers of influence interest you, take a few minutes each day and check out the blogs in Tom's blogroll (right side of the page, under the heading "fellow bloggers).
You might even try combining this strategy with taking some lawyers out to lunch. Don't ask for any business. Ask them questions about THEIR business. You might even find a topic in one of those blogs that you can use as a starting point ("I read a legal marketing blog, and saw a post suggesting that it's harder than most lawyers think to get speaking engagements. What's been your experience?")
They'll be impressed that you do your homework—and just think what you can learn about their practice, their niche, and their marketing challenges. Then you'll be positioned to help them, and that's the key to building a successful referral relationship.
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